Today, Tai Er Sauerkraut Fish became a trending topic due to reports about "serving dishes 6 minutes after ordering."

Multiple Tai Er Sauerkraut Fish outlets were contacted regarding the most concerning public questions: "whether fish is freshly killed," "whether dishes are pre-prepared," and "fastest serving time." Store employees responded that "live fish delivered to stores each morning are first processed and marinated, then quickly served." Other staff mentioned that "popular dishes like sauerkraut fish take 15-20 minutes to serve." However, recent customers commented: "I always thought the sauerkraut fish was freshly killed live fish, but when I ate there two days ago, the fish meat tasted sour and astringent with particularly poor quality."

Due to ongoing attention on pre-prepared food issues, JIUMAOJIU, which owns Tai Er Sauerkraut Fish, has seen its stock price continuously decline in recent years, falling over 60% from its peak in the past year.

Industry insiders point out that Tai Er is no longer the "legend" that could make consumers queue unconditionally. Its successful single explosive product strategy is showing fragility after experiencing market novelty fatigue and competition from numerous imitators. When consumers no longer buy into the "second best in the universe" gimmick, performance decline becomes inevitable.

**The "Live Fish" at the Storm's Center is Actually Centrally "Freshly Killed"**

According to multiple media reports, after ordering at Tai Er outlets, the signature dish "Old Jar Sauerkraut Fish" was served in just 6 minutes, while another stir-fry dish "Cauliflower with Pork" took as little as 4 minutes, leading to consumer speculation about "heated meal packages."

Regarding the key question of "fresh live fish preparation," JIUMAOJIU responded that Tai Er's new fresh live fish stores officially launched in March this year, gradually rolling out nationwide in the second quarter. Currently, there are 68 such stores, with plans to complete conversion of 150 stores by year-end and all stores by 2026.

However, many consumers view this not as "order-and-kill" but rather centralized "fresh killing" at stores. Some consumers wonder: currently there are too few fresh live fish stores, and does the promotion of fresh live fish stores this year imply that previous operations were "pre-prepared"?

Despite official statements that fresh live fish are marinated daily in advance, recent consumers have reported that "the fish meat tastes sour and astringent with particularly poor quality." Other consumers mentioned: "The stir-fried beef was cold outside but hot inside - the reason needs no explanation. Overall dining was acceptable, but the fish didn't taste as good as before and had a fishy smell." On consumer complaint platforms, complaints about Tai Er Sauerkraut Fish mostly concern foreign objects in food and physical discomfort after consumption.

**Stock Price Plunge, Losses Intensify**

According to JIUMAOJIU Group's first half 2025 financial report, overall group performance was under pressure, with the Tai Er brand's slowdown particularly evident as it contributes over 70% of revenue.

In the first half of 2025, Tai Er brand achieved revenue of RMB 1.946 billion, compared to RMB 2.248 billion in the same period last year, a year-over-year decline of 13.3%. This decline exceeded the group's overall decline, indicating serious deterioration of the core brand. Store-level operating profit was RMB 262 million, down 15.65% year-over-year, showing declining profitability.

The semi-annual report attributed this mainly to the reduction in Tai Er Sauerkraut Fish self-operated restaurants from 612 as of June 30 last year to 547 in the first half of this year, a decrease of 65 stores, along with reduced same-store sales. Content about Tai Er Sauerkraut Fish store closures frequently appears and generates discussion on social platforms.

Regarding the more closely watched customer traffic indicators, Tai Er Sauerkraut Fish also declined significantly. In the first half of 2025, its table turnover rate was 3.1 times/day. In comparison, Haidilao's overall self-operated restaurant turnover rate was 3.8 times/day in the first half, with same-store turnover also at 3.8 times/day. When Tai Er Sauerkraut Fish exploded in popularity in 2019, its turnover rate reached 4.8 times/day, matching Haidilao's rate during the same period.

Additionally, the Shenzhen Stock Exchange recently announced adjustments to the Hong Kong Stock Connect eligible securities list, effective September 8. According to the latest list, a total of 20 securities including JIUMAOJIU were removed, reflecting the current cooling of Tai Er Sauerkraut Fish and its parent company JIUMAOJIU in capital markets.

Capital markets have also reacted significantly. JIUMAOJIU's stock price has plummeted from its 2021 historical high of nearly HK$38 to the current HK$2-3 range, with market capitalization evaporating by over 90%. In the past year alone, it has fallen from a high of HK$5.73 to HK$2.26, a decline exceeding 60%. Recently, JIUMAOJIU was officially removed from the "Hong Kong Stock Connect" list for failing to meet relevant index market capitalization and liquidity requirements, further undermining investor confidence.

**Intense Industry Competition, Tai Er "Devalues"**

Industry analyst Zhang Shule believes Tai Er Sauerkraut Fish's continued trending topics stem from its "internet celebrity" label no longer being scarce. He argues that internet celebrity brands easily become meteors, exploding through social networks. During this period, consumers had little price sensitivity due to "showing off" motivations and few taste requirements, sometimes preferring most expensive over best quality.

He stated that after Tai Er Sauerkraut Fish's popularity led to continuous expansion, becoming ubiquitous street-side stores, when internet celebrity elements fade and social currency "devalues," previously dormant price sensitivity becomes acute. Not only do taste and price issues explode, but questions about pre-prepared food, central kitchen delivery, and high prices despite these practices cause consumer dissatisfaction to surge exponentially, intensifying criticism.

Industry insiders point out that Tai Er is no longer the "legend" that could make consumers queue unconditionally. Its successful single explosive product strategy is showing fragility after experiencing market novelty fatigue and competition from numerous imitators. When consumers no longer buy into the "second best in the universe" gimmick and face competition from many industry followers, performance decline becomes inevitable.